FuboTV reports revenue rise ahead of sportsbook launch
FuboTV grew its online pay-TV subscribers at a rapid pace last year to 547,880 but sustained a heavy loss doing so of $570.5 million. Fubo reported $217.7 million in revenue up 83%, with almost half of that ($105.1 million) in Q4 of 2020.
Despite the losses, FuboTV expects to turn the corner to become profitable by introducing sports betting to the TV platform as a new revenue stream.
“fuboTV’s fourth quarter closed our strongest fiscal year to date,” said David Gandler, co-founder and CEO, fuboTV. “Our record 547,880 paid subscribers streamed more sports, news and entertainment content than ever before. Building on this quarter and year, we remain focused on continued innovation and are excited about our growth opportunities for 2021, including the ongoing expansion of our advertising business and the development of our own sportsbook.”
“Our goal for 2021 and beyond is to develop fuboTV into a new kind of media company that combines both innovative streaming video and sports wagering,” said Edgar Bronfman Jr., executive chairman, fuboTV. “We intend to deliver leading sports, news and entertainment content to a growing subscriber base that transcends the industry’s current virtual MVPD model, and are excited about our ability to capitalize on the future market opportunity.”